Specifics of House: Bedrooms: 4 Baths: 1 Garage: Carport Lot: 4339 sq ft.) School District: Wharton ISD Description: 1262 sq ft single story, single family home located in a great location in the heart of Wharton. Corner lot with decent size yare, and directly across the street from elementary school. Needs some lovin’ but will make someone a very nice home.
Our Terms: Credit is irrelevant…..it will be checked, but not a major deciding factor. Income is the key with us. You must have 4 times of verifiable, stable income of the expected monthly note. In this property, you must make at least $3400 per month. We will lease to you for a monthly lease rate of $850 per month, for a 24 month lease. An option fee of $850 is required to give you an option to purchase the house at a locked in purchase price of $70K (Seventy Thousand Dollars), good at any time in the next 24 months. Security Deposit required is $500 - $1500, depending upon application strength. At any time in the next 2 years, you can exercise your option to purchase. The down payment required is 10% of the purchase price, or $7,000 (Seven Thousand Dollars). You will be responsible for any and all repairs and maintenance to the property, all taxes, hoa’s, and insurance from day 1. As long as the rent payments are made on time, without having to “chase” any rent, we will be willing to owner finance you once you have the required 10% down payment saved. This can happen at any time during the 24 month period…it could be the 1st, 6th, or even the 24th month. We just need a 30 day notice prior to closing in order to have time to get the documents drafted for closing. We will give you your choice of length of loan, ranging from 5 years all the way up to 40 years. The corresponding Principal and Interest payments for a mortgage of $63,000 ($70,000 purchase price - $7,000 down payment) are as follows: For 40 year term, the monthly payment would be $584.83. For 35 year term, the monthly payment would be $590.28. For 30 year term, the monthly payment would be $599.96. For 25 year term, the monthly payment would be $617.47. For 20 year term, the monthly payment would be $650.28. For 15 year term, the monthly payment would be $716.06. For 10 year term, the monthly payment would be $867.83. For 5 year term, the monthly payment would be $1,369.77. These payments are principal and interest only. There will be escrow requirements to account for taxes and insurance, which should equate to about 150-250 per month, so please factor that in when considering a payment plan. Please note, once we go to closing, the lease becomes null and void and there are no further obligations as a tenant, as you now become the official home owner.
Total Move In Dollars Required: $2,200 (Two Thousand Two Hundred Dollars) = $850 1st Month Rent + $500 Security Deposit (Minimum, may increase depending upon application) + $850 Option fee